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A wall of Black Lives Matter art sits in front of preparations for Joe Biden's inauguration near the White House. Photo: Jeremy Hogan/SOPA Images/LightRocket via Getty

President-elect Biden will on Wednesday launch a "whole-of-government" initiative aimed at advancing racial equity in federal policymaking and rooting out systemic racism from programs and institutions.

Why it matters: Biden’s win relied heavily on voters of color — especially Black Americans.

The big picture: A description of the executive action defines equity as "the consistent and systematic fair, just, and impartial treatment of all individuals, including individuals who belong to underserved communities."

  • "Analysis suggests that closing racial gaps in wages, housing credit, lending opportunities, and access to higher education would amount to an additional $5 trillion in gross domestic product in the American economy over the next 5 years, and create millions of new jobs."
  • "We are a nation founded on principles of equality and it is in the interest of everyone across the country that the government be intentional in ensuring that its policies reach all of us in an equitable way."

Biden's initiative will:

  • Direct every federal agency to conduct a baseline internal review of the agency’s "state of equity."
  • Launch a new equitable data working group to ensure federal data accurately reflects the nation.
  • Task the Office of Management and Budget with allocating federal resources to communities of color.
  • Improve engagement with and delivery of government services to underserved communities.

Susan Rice will head a “robust interagency process to hold the federal government accountable for advancing equity for families across America."

  • The executive action also rescinds the Trump administration’s 1776 Commission, which “sought to erase America’s history of racial injustice,” as well as Trump’s order preventing federal agencies and contractors from holding diversity and inclusion trainings.

Go deeper: America's unfinished business

Go deeper

Black Lives Matter movement nominated for 2021 Nobel Peace Prize

Protestors take part in a Black Lives Matter march outside the Parliament building in Oslo, Norway in solidarity with U.S. protests over the death of George Floyd. Photo by Stian Lysberg Solum/AFP via Getty Images

The Black Lives Matter movement has been nominated for the 2021 Nobel Peace Prize for compelling countries around the world to address systemic racism.

Why it matters: The BLM movement launched in 2013 following George Zimmerman's acquittal for shooting Trayvon Martin, an unarmed Black teenager. The case kickstarted the international movement to address the controversial deaths of Black people, particularly at the hands of police.

55 mins ago - Politics & Policy

Group of 20 bipartisan senators back $1.2T infrastructure framework

U.S. Senate Majority Leader Chuck Schumer (D-NY) arrives for a meeting with Senate Budget Committee Democrats in the Mansfield Room at the U.S. Capitol building on June 16, 2021 in Washington, DC. The Majority Leader and Democrats on the Senate Budget Committee are meeting to discuss how to move forward with the Biden Administrations budget proposal. Photo: Samuel Corum / Getty Images

A group of 10 Democratic and 10 Republican senators (the "G20") tasked with negotiating an infrastructure deal with the White House has released a statement in support of a $1.2 trillion framework.

Why it matters: Details regarding the plan have not yet been released, but getting 10 Republicans on board means the bill could get the necessary 60 votes to pass.

DOJ drops criminal probe, civil lawsuit against John Bolton over Trump book

Photo: Jabin Botsford/The Washington Post via Getty Images)

The Justice Department has closed its criminal investigation into whether President Trump's former national security adviser John Bolton disclosed classified information with his tell-all memoir, “The Room Where it Happened," according to a source with direct knowledge.

Why it matters: The move comes a year after the Trump administration tried to silence Bolton by suing him in federal court, claiming he breached his contract by failing to complete a pre-publication review for classified information. Prosecutors indicated they had reached a settlement with Bolton to drop the lawsuit in a filing on Wednesday.